We see a strong pullback from buyers after an important down Mouvement crossing trend
resistance line and the VWAP Price line, there is a great probability that the price will run to the
VWAP price line During the upcoming days..
With US and Saudi Arabian cooperation, likely Crude oil will be taken to approx. USD$10.50/brl. The Saudi's can produced for US$7-8/brl. Higher political agenda, means it will be pedal to the metal for Saudi Arabia (13 million brl output maximum from April), to eliminate Iran once and for all.
Using a 3x ETF to long crude oil, playing this bullish retest, if a bit sloppy, of both trend and leveling, picking up here for a high r/r buy spot.
No time constraint, but will cut if no trending to upside by EOQ1.
Orange horizontals are daily gaps, yet to be filled.
Today is 14 Sep 2019.
The largest Aramco Saudi oil processing plant was attached by drones.
CL is currently at 54.85, next targets up are 57.00, 58.47, 59.94, and 61.40.
If it can break above 62.87, next target up will be 67.27.
Here's the results from my statistical analysis for Light Crude Oil Futures (CL) on the weekly chart.
LIGHT CRUDE OIL FUTURES (CL) STATISTICAL RESULTS
02 Sep 19 / 06 Sep 19
CLOSING BETWEEN (at 06 Sep 19):
52.70 - 57.28: 71%
50.41 - 59.57: 94%
48.11 - 61.87: 99.50%
P.S. This indicator is not for sale and will not be published.
DISCLAIMER: This is...
Triangles, Descending Triangles, Ascending Triangle and Ranges are repeatable trading chart patterns.
Triangles and ranges are consolidation chart patterns that can breakout either direction.
Ascending and descending chart patterns will have a directional bias depending on the previous incoming trend.
Each chart pattern will have defining trendlines of the...
Once price reaches the Supply Zone (SZ) at 61.06, I expect a drop down to the next respectable Demand Zone (DZ) at around 57.86. I'm prepared to bail out at the first target (T1.) at 58.79. It says that price is up-trending but on the Daily it shows that it is actually down-trending.
The Light crude oil prices hit 2019 high level on Tuesday. The surge was attributed to the US sanctions against Iran and Venezuela crude oil exports and the OPEC supply cuts.
As for this week’s trading sessions, it is likely that the LIGHT.CMD/USD pair retrace down towards a support line formed by the 50-hour simple moving average at the 60.03 mark.
The Light crude oil prices have depreciated about 4.66% against the US Dollar since last week. The pair reversed from a three-month high at 57.81 on February 22 and had since breached the 50-hour simple moving average at 56.18.
The LIGHT.CMD/USD pair tested a resistance level formed by the 50-hour SMA at 56.18 during the morning hours of today’s trading session....